The world's fourth biggest brewery ditched its long-term
margin forecasts and reported a weaker-than-expected quarterly
profit, sending its shares down 4.8 percent to the bottom of the
FTSEurofirst 300.

The pan European index had shed 0.2 percent to take it to
1,159.24 points by 0805 GMT, extending recent losses as a
lacklustre European earnings season continued to dampen investor
sentiment after a strong rally in January.

The blue-chip euro zone Euro STOXX 50, down 0.5
percent, edged below technical support at around 2,610, its 2012
top. Its failure to break above the 55-day moving average last
week was seen as a sign of further falls to come.

"The index is stuck between a rock and a hard place," Anders
Soderberg, chief technical analyst at SEB Bank in Stockholm,
said.

"I think we'll soon see a drop down to the 2,505 area. If
it's a correction, it ends there but there's certainly a growing
risk for a more profound setback, confirmed...below 2,500."